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. Last Updated: 07/27/2016

U.S. Spending Down

WASHINGTON () -- A cutback in consumer spending caused economic growth to slow sharply in the first quarter of 1995, the Commerce Department said Friday, as stocks of unsold goods piled up at the fastest rate in more than a decade.

The United States' gross domestic product expanded at a 2.8 percent annual rate in the three months from January through March